Our verdict: Caliber Home Loans is a good match for borrowers that prefer all the traditional loan programs with extra flexibility on credit standards for VA loans, as well as specialty programs for self-employed and real estate investors.
Offers a wide variety of standard purchase and refinance programs
Extra options for borrowers that need flexibility beyond regular mortgage requirements
One of few lenders that offers the 5/5 adjustable-rate mortgage
Doesn’t not publish rates or fees online
No online application
Caliber Home Loans, Inc. (Caliber) was founded in 2008 and is a nationwide lender operating in all 50 states. The company is headquartered in Coppell, Texas, and offers a robust variety of loan options including a line of non-qualified mortgage products for borrowers that don’t fit into traditional lending guidelines. Caliber was acquired by NewRez, an online mortgage lending company, in 2022.
Higher credit score borrowers can choose from the following conventional loan options:
Borrowers with spotty credit may benefit from a loan backed by the Federal Housing Administration (FHA). FHA loan options offered by Caliber include:
Caliber offers VA loans guaranteed by the U.S. Department of Veterans Affairs (VA) to help military veterans, active duty service members and eligible widowed spouses with mortgage financing.
If you meet the income limits for a home backed by the U.S. Department of Agriculture (USDA), you may qualify for no-down-payment financing to purchase a home in a rural part of the country with a USDA loan. Some suburban areas may qualify, so check the USDA-eligible neighborhoods in your area.
If you’ve been told you don’t meet standard mortgage guidelines, Caliber offers three non-QM loan options that may help your homebuying or refinancing plans.
If you’ve had recent credit issues or want to buy a condominium that doesn’t meet traditional lending requirements, you may qualify for a loan up to $3 million with a credit score as low as 660. You may also qualify for fixed and adjustable-rate interest-only options.
Self-employed borrowers with complicated tax returns may find it easier to document their income with 12 to 24 months’ worth of personal or business bank statements. Income is average based on deposits into your accounts, and loan amounts are available up to $3 million.
Experienced real estate developers and investors may qualify for a loan based solely on the rental income of property they purchase. Qualified borrowers can up to 20 financed properties (the standard limit is 10), and choose from fixed rate and adjustable-rate, interest-only options.
Caliber doesn’t publish current mortgage rates online, but does provide a detailed explanation that breaks down all the factors that go into a rate quote.
Compared to other large national lenders, Caliber’s rates are on the higher side, and on average came in around 0.65 percentage points above the average prime offer rate (APOR) in 2022. The APOR is a benchmark rate that captures what is, in effect, the lowest APR a bank is likely to offer in the current market. Mortgage loans aren’t typically considered “higher-cost” until they reach 1.5 percentage points above the APOR.
The website doesn’t reveal Caliber’s typical fees although it indicates total closing costs may range between 2% and 7% of the home’s purchase price. We do know that t he average total cost of taking out a mortgage with Caliber was $7,855 in 2022, according to data from the Federal Financial Institutions Examination Council (FFIEC). That included an average of $3,349 in origination fees.
| Mortgage rates published online? |
| Rate information updated daily or weekly? |
| Lender fees disclosed? |
Clicking on the “Apply Now” button takes users to a NewRez landing page with a contact form to get a call back. There is also a phone number featured, but there doesn’t appear to be an option to complete a full online loan application.
Customers can check the status of a loan once it’s in process, and upload documents through the portal that is created as part of the loan approval process. Caliber also advertises its Caliber Mobile Application for borrowers who prefer to track their loan status on a smart device. The website describes a traditional closing experience with documents delivered for signing.
Caliber doesn’t share the exact minimum requirements it uses to approve or deny your application. However, based on nationwide data from 2022, we can say that Caliber approved customers who — on average — had an 81% loan-to-value (LTV) ratio or better. Most had a debt-to-income (DTI) ratio below 40%.
In that same year, Caliber denied about 14% of its mortgage applications. That’s fairly low when compared with other high-volume, national mortgage lenders. For comparison, some large lenders have denial rates in the mid-thirties.
Caliber offers two links on its “Connect” button that allows new customers to speak to a loan consultant in their area, or existing customers to reach a Caliber representative about their current loan.
*Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) Caliber offered to mortgage customers in 2022. The higher the number, the more expensive the loan.
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application
